Explain the nature of the kinked demand curve

Reference no: EM133366727

Question 1: Explain the nature of the kinked demand curve and its application to the explanation of the behaviour of firms in an oligopoly. What does the kinked demand curve imply with respect to the nature of the firm's marginal revenue curve?

Question 2: Prices offered by mobile phone companies vary from each other by only small amounts - if at all. On the other hand, all mobile phone companies spend enormous amounts on advertising and other forms of promotion. How can this be explained?

Reference no: EM133366727

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